How do i remove a foreclosure that shows zero balance from credit report?
Sorry credit doe's not work that way and the S.O.L. has nothing to do with how long derogatory accounts show on your credit that is controlled by the Fair Credit Reporting Act and it say 7-years from the date of first delinquency which works out to 7-years and 180-days. Nothing but nothing resets this time line. That's why it's called credit history.
Is it wiser to pay the "statement balance" or "current balance" on a credit card?
Neither will "build credit faster."If you want to pay only what you owe for last month's purchases, then pay the Statement Balance.If you want to go back to owing nothing, then pay the Current Balance.I pay the Current Balance, which can often be twenty dollars higher than the statement balance. This is because, after the billing cycle ended, the next day I went and bought some groceries or ran some errands. The big question: do I pay for those groceries now, or next month? (Current Balance vs. Statement Balance)Many people are pointing out that statement balance is interest-free. That is true, but goes against how I spend. My month-to-month cash reserves aren't in a high-yield savings account or anything, so a month of 0% interest isn't worth the risk of accidentally not paying it one month and owing interest. Better safe and debt-free, than sorry with a 2% earning and a $10 interest charge. The other main thing to consider is credit utilization. If I buy a laptop, or an expensive item, I *could* wait to pay the item off once the billing cycle ends at the end of the month, but adding the high-cost item in addition to all my monthly expenses could result in a slight negative appearing temporarily on my credit score (for credit utilization over 30%).
What does proportion of balance to credit limits is too high on bank revolving accounts actually mean?
It means that when you add up all your credit limits on revolving accounts (credit cards, usually) and add up all the balances on all your revolving accounts, and compare the two, you are using too much of your available credit to get approved for whatever it is that you're applying for (house, car).
How to handle a credit card to increase Credit Score?
I have the money to pay off balances without accruing any interest with a zero balance from month to month. I have a low limit of $1,000.00 *Should one reach close to the limit and pay it all off at the end of the billing cycle? Or does it hurt to reach close to the limit? Even when paid in full monthly? *Should I charge away and make a payment mid month so I can continue using the card without showing a higher balance amount on month end statements? Which are paid off on time. Is there a rule of thumb about leaving a percentage of your credit card limit available and does it hurt to reach the limit even though it is being paid off in full every month without carrying a balance from month to month. I am trying to raise my credit score. I have no debt other than reoccurring monthly expenses such as utilities, food and gas. I own my house outright. Auto insurance paid up in advance. My credit score was 711 in May and now it is 700. I have made zero late payments and wonder why my score dropped 11 points. I only have this one credit card.
What can I do to improve my credit score?
Hi there! The good news is that you already have what it takes to improve your credit - a desire and willingness to do so! Keep up the good work and timely payments on your student loans. Same goes for your current car payment. With each timely payment, you'll get an "OK" mark on your credit report and in time, your score will go up because you're demonstrating responsible use of credit. You may also want to consider getting a secured credit card to help you build your credit score. A secured card is just like a "regular" unsecured card, only you must put down a security deposit (typically $200-$500) as an assurance to the bank that you will repay your debt. Use this card regularly, pay your balance in full each month and in time, this responsible use of credit will help you increase your score. If you have any past-due debts, pay up to get current. The worst thing you can do to your credit score is miss payments. About a third of your score is your "credit history," or how reliably you've paid your debt in the past. Now that you have the means to pay on time, make sure you do so every single month. Eventually, those late payments will have less of an effect on your credit score and your timely payments will help increase your score. For more tips about how to improve your credit score, check out the link below. Good luck!
How do I obtain a PERFECT credit score?
The credit bureaus do not let consumers know exactly how the scoring system works but from experience we know the following will give you your best possible scores. 1) Take only credit you need 2) Pay all balances on time... more than minimums. 3) Allow your credit to be accessed minimally. 4) Do not co-sign for anyone else 5) Maintain steady job history (shows up on credit too) 6) Up your credit limits when possible...without increasing spending. Here is some additional info. Hope this helps.
Does using my credit card alot hurt my credit score?
It doesn't matter how many times per day you use the card. But, when you pay does make a difference. Obviously, you want to pay before the due date. But, paying too soon could also possibly hurt you also. If you pay in full before the cycle even closes, then you may end up having "zero" reported as your utilization - which won't help your score at all. So, if you "need" to pay it before the cycle closes, just don't pay all of it. Then, once your statement prints, pay the full amount before the due date. As far as running it up to 90%, I've heard different things on that. I've always heard that it's good to keep your utilization at the close of your cycle to 30% or less. However; if you go over that, as long as you pay it off in full, your score will rebound right away. If you're going to make any big purchases (house or cars), it's probably best to keep it well under that for a few months beforehand just to be safe.
Myth or Fact: "Heavy [credit] card use hurts credit scores"?
In relation to your credit card, your score can be affected by 2 factors: 1) Payment history (are payments on time; payment history goes back 7 years.) 2) Utilization (what percentage of your credit limit are you currently using; utilization only looks at the last time the credit card company reported to the credit bureaus; usually occurs monthly on major credit cards.). They do not track past utilization, so while putting lots of money on a card can hurt you, in the short run it's an easy fix: just pay it off and don't go so high the next month. That means that if you make payments on time your score will be good. If you have a low balance your score will be good. If you have a high balance.... your score will be lowered. But as soon as you pay off that balance your score improves again. If you plan on applying for additional credit, keep your balance under 30% of your maximum: $210 on a $700 card. So yes, carrying a high balance will hurt your score.... but only until you pay it off. The big thing is paying on time because you can't easily recover from late payments. They stay on record for 7 years. Your balance only stays on record until it's payed. If you are good at managing your finances; try having your limit raised after 1 year of on-time payments and responsible managing. That way you'll have a lower "utilization" when you approach $700. But don't ask for them to raise your limit so that you can spend more. When they ask why you want to raise your credit limit, you can explain that to them and they'll understand. _______________________________________... I checked out credit score calculators on-line to run some scenarios... If you enter in that you have 1 credit card that is a year old with a $1000 limit and you have no bad items on your credit history.... with a $900 balance you have a score of 615ish... with a $100 balance your score is up to 737 Since your credit history is so limited (you say 4 months) that utilization is the biggest factor... but you can quickly recover simply by paying it off.